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Old 01-25-2007, 02:49 AM
wsam29 wsam29 is offline
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Re: Tape Reading: How I Started Learning Tape

I'll add my two cents to this post.

I picked up on price action by mistake on a tick by tick basis.

I first started as a "technical analysis" trader, based solely on price patterns, it works, dont get me wrong, but seeing small prints above or below support and resistance tells alot about what may happen. the guys in the grain pit love to take those stops out and go the other way (back in the days when grains were only pit traded) That is where I first noticed that "pattern" if you can call it one. I said to myself when the price fell below resistance, "you guys want to play, here I'll cover my long and go short now if that is what you guys want to do." and sure enough that trade turned out but I did not really understood what really happened.

So yeah, if you see it with your eyes on a consistant basis and there are no books mentioning these "patterns" believe it and just go with the flow. It takes some guts at first because paper trading does not facotr in the psychological part of trading, that is not simulated with fake money.

I'll tell you one thing for sure, your mind will be exhausted from tape reading by the end of the trading day so have balance in your life in some shape or form. And throw in a break or two, you're entitled to one, then again some "can" go all day without a break, "to each is their own" goes that saying.


Last edited by wsam29; 01-25-2007 at 02:52 AM.
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